U.S. Bank Agency Cuts ‘Reputational Risk’ From Exams After Crypto Sector Cites Issues
U.S. national banks have been told by the Office of the Comptroller of the Currency that they’ll no longer have to answer how controversial customers might damage their reputations — a point that had been criticized by crypto companies and insiders arguing that it contributed to them being debanked.
The OCC is removing that factor from its supervision handbook, the agency said in a Thursday statement.
“The OCC’s examination process has always been rooted in ensuring appropriate risk management processes for bank activities, not casting judgment on how a particular activity may fare with public opinion,” said Acting Comptroller of the Currency Rodney Hood.
Federal Reserve Chair Jerome Powell had made a similar commitment in a…
